The animal healthcare market expansion will be driven by the increased awareness among pet owners regarding animal health issues. Numerous government initiatives to support pet healthcare will further drive the market growth.
The animal healthcare market expansion will be driven by the increased awareness among pet owners regarding animal health issues. Numerous government initiatives to support pet healthcare will further drive the market growth.
There are several governments and private organizations globally that are working towards the development of the animal healthcare sector. The introduction of the Feed the Future initiative, a public program by the U.S. government which provides training to both private and public animal health workers, is a recent example of the same. This initiative was launched to improve breeding programs and create new business opportunities for private slaughterhouses in the country.
The increasing livestock production and growing expenditure on pet health would create a significant demand for animal healthcare solutions. As per the American Pet Products Association, people in the U.S. spent nearly US$72.56 billion in 2019 on their pets. As per the Federal Trade Commission, about US$10 billion of these investments were made on prescription drugs for animals.
According to Global Market Insights, Inc., global animal healthcare market size is projected to exceed US$172 billion by 2025. Mentioned below are some key factors propelling industry expansion.
Growing trend of pet ownership and companion animals
Based on animal type, the industry is bifurcated into companion and livestock animals. The companion animal segment is estimated to gain a significant market share of 60% through 2025. The easy availability of companion animal medicines providing effective health results is expected to fuel segment growth.
Additionally, the longer life of companion animals is attributed to a growing emphasis and increased spending on pet healthcare. The rapidly growing trend of pet ownership worldwide will positively influence the overall market expansion.
Demand for animal pharmaceuticals and drugs
The product segment of the animal healthcare market is categorized into veterinary services, pharmaceuticals, and medical devices. The pharmaceuticals segment accounted for a market value of US$29 billion in 2018 and is anticipated to experience significant growth in the forthcoming years.
The pharmaceuticals segment is classified into medicated feed additives, drugs, and vaccines. Drugs for animals play a vital role in eliminating the risk of parasitic zoonoses and maintaining animal health. Based on these advantages, the drug segment is expected to witness considerable growth in the future.
To access sample pages of this report titled, “Animal Healthcare Market Size By Product (Pharmaceuticals {Drugs [Antiparasitic, Anti-inflammatory, Anti-infectives], Vaccines [Modified Live Vaccines, Killed Inactivated Vaccines], Medicated Feed Additives [Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals]}, Medical Devices {Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Veterinary Surgical Equipment, Veterinary Consumables}, Veterinary Services), By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}, By Distribution Channel (Pharmacies, Online, Distributors), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/735
Proliferation of online veterinary pharmacies
Based on the distribution channel, the industry is classified into distributors, online, and pharmacies. The annual valuation of the distributor segment was estimated to be worth US$57 billion in 2018. These trends can be attributed to the availability of a wide array of services, a large product portfolio offered by the distributors, and a strong geographical network.
The rapid emergence of online veterinary pharmacies in developed regions that provide effective animal health diagnosis services and several ongoing efforts to promote animal welfare will augment the animal healthcare industry forecast.
Supportive animal welfare initiatives in the UK
Europe animal healthcare market is projected to expand at a CAGR of more than 4% up to 2025, on account of growing burden of animal illness. The regional industry expansion would also be driven by the increasing healthcare expenses on companion animals and the existence of several prominent firms providing affordable and effective pet healthcare services.
Several programs and initiatives are underway to promote education and awareness pertaining to animal health and well-being among people. Some of the the leading firms in the global industry include Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic, among others.
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